NSIC, TMB to tap budding entrepreneurs

: Tamilnad Mercantile Bank and the National Small Industries Corporation, set up under the Ministry of Micro, Small and Medium Enterprises, have signed a Memorandum of Understanding to tap "prospective entrepreneurs".

TMB, which has more than 40 per cent of its advances to the MSME segment,would offer credit facilities through the MoU withNSIC, a press release said.

NSIC would operate as a "single point facilitator" for prospective entrepreneurs under the arrangement.

NSIC Chairman and Managing Director Ravindra Nath and Tamilnad Mercantile Bank, MD and CEO H S Upendra Kamath exchanged documents at a function here today.

The release said that NSIC would operate as a single point facilitator, collect credit applications from prospective entrepreneurs and refer suitable candidates to the Bank in order to offer the credit facility.